IBM (NYSE:IBM) boosted its quarterly dividend by 16% on Tuesday as Big Blue looks to give more cash back to shareholders.
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Armonk, NY-based IBM’s board of directors approved a 15-cent increase to its quarterly cash dividend, bringing it to $1.10 per share.
Since 2000, the technology company has increased its dividend 800%, doubling it in the last five years.
"Today's announcement reinforces our commitment to delivering value to shareholders. We will continue to invest aggressively in our strategic growth areas including cloud, big data analytics, social, mobile and security to position the company to drive growth and higher value for our clients,” IBM chairman and CEO Ginni Rometty said in a press release Tuesday.
Shares of the Dow component jumped about 1% in morning trading.